inheritance tax

Học thuật
Thân thiện
Definition
  1. Noun:
    • A tax on the estate of a deceased person: An "inheritance tax" is a levy imposed by a government on the assets, property, and money (the estate) left behind by a person who has died. The tax is typically paid by the beneficiaries or the estate itself before the assets are distributed.
Usage
  • The term "inheritance tax" is used to discuss financial obligations arising after a death, often in legal, financial, and policy contexts.
  • It is important to distinguish it from an "estate tax," though in some jurisdictions the terms are used interchangeably. Generally, an inheritance tax is levied on the beneficiaries receiving the assets, while an estate tax is levied on the total value of the estate before distribution.
Examples
  • Noun:
    • The government revised the rate for the inheritance tax.
    • He had to pay a substantial inheritance tax on the property he received from his uncle.
    • Some countries have abolished the inheritance tax to encourage wealth transfer within families.
Advanced Usage
  • "To be liable for inheritance tax": To have a legal obligation to pay the tax.
    • The legacy may be liable for inheritance tax depending on its value.
  • "Inheritance tax threshold": The value of an estate below which no tax is due.
    • The inheritance tax threshold has been raised to half a million dollars.
Variants and Related Words
  • Estate tax (n): A tax on the total value of a deceased person's estate before it is distributed to heirs. Often compared or contrasted with inheritance tax.
  • Death duty (n, chiefly historical): An older term for taxes imposed on property after the owner's death.
  • Beneficiary (n): A person who receives money, property, or other benefits from an estate or trust.
Synonyms
  • Death tax: A general, often informal term encompassing both estate and inheritance taxes.
  • Succession duty: A term similar to inheritance tax, used in some legal systems.
Related Phrases
  • "To inherit tax-free": To receive an inheritance without having to pay tax on it, often due to exemptions or being below the threshold.
    • Spouses can usually inherit tax-free from each other.
  • "Inheritance tax planning": The financial and legal strategies used to minimize the inheritance tax burden on an estate.
    • They consulted a lawyer for inheritance tax planning.
Noun
  1. a tax on the estate of the deceased person

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